ALLETE Executive Annual Incentive Plan Form of Award (Effective 2020)
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Summary
This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executive employees, effective 2020. It specifies how annual incentive awards are calculated based on a percentage of base salary and performance against set financial and strategic goals. Awards can range from 0% to 200% of the target amount, depending on performance. The plan also states that any compensation under this plan is subject to the company's Compensation Recovery Policy, which allows for recoupment under certain conditions.
EX-10.(E)8 4 exhibit10e812-31x2019.htm EXHIBIT 10.(E)8 Exhibit
Exhibit 10(e)8
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2020
[Eligible Executive Employees]
Target Award Opportunity
Base Salary | $ |
Times | |
Award Opportunity (percent of base salary) | % |
Equals | |
Target Award | $ |
Performance Levels and Award Amounts
Goal Performance Level | Payout as Percent of Target Award | Award Amount |
Superior | 200% | $ |
Target | 100% | $ |
Threshold | 44% | $ |
Below Threshold | 0% | $ |
Goals
Goal | ||||||||
Weighting | ||||||||
Financial Goals | ||||||||
Net Income | 50% | |||||||
Cash from Operating Activities | 20% | |||||||
Strategic & Operational & Values Goals | 30% | |||||||
100% |
Compensation Subject to Compensation Recovery Policy
Annual Incentive Plan Compensation is subject to recoupment as defined in the Compensation Recovery policy.